Assignment 4 Case 7.2 Revenue Recognition Associated with Frequent Flier Miles Continental Airlines: Revenue is deferred and recognized when transportation is provided • Revenue is realized‚ and earned. The carrier has performed its duty‚ the service has been preformed. The amount of the claim is known AMR (American): Revenue is deferred and recognized over the period approximating mileage credits are used • Because there is no actual way of knowing when/if mileage will be used‚ it is not
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Tiffany Fuentes Business Ethics April 11‚ 2014 Stretching the Principles of Revenue Recognition In the business world‚ not everything will work perfect to our advantage‚ but one thing people in the business world should always make sure to do is to be smart when making decisions. The best way to be smart on making decisions is following their own ethics as leaders. To be successful‚ there should not exist dishonesty‚ greed‚ or arrogance because these three factors will bring any business
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Grant the Great Construction is a small construction company formed from the merger of Grant Thomas Construction &Right Build International. The company has successfully operated in the Durham North Carolina area for the past ten years working on both small and large scale construction‚ repair‚ and alteration projects. With the business boom that is occurring in Greensboro and the desire to improve overall profit margins‚ the company is planning to shift its target market from residential clients
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Q1: How many truckloads of product are actually required to carry $10 million of product? Show your calculations. The Wellbutrin XL tablet include the packaging space that stated in the question was. Dimensions of a 18 wheeler trailer was 17m x 4.5m x 2.5m Solution: Firstly‚ change the unit of the 18 wheeler trailer because different unit of measurement cannot calculate the volumes so the dimension of 18 wheeler trailer has change to centimeters. a. To convert the unit of measurement 1 meter (m)
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of HKFRS 15 Revenue is the gross inflow of economic benefits during the period arising in the course of business of the ordinary activities of the entity‚ other than increases relating to contributions from equity participants. It is of most significance of both the creditors and the shareholders for decision-making‚ and therefor it is attached great importance of it’s reliable and accuracy. The most crucial element of revenue‚ the criteria of Revenue Recognition Principles‚ has been the
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Revenue Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008‚ “We believe that
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Revenue Recognition Fraud: Methods and Reason In today’s corporate arena‚ fraud has taken its seat among the top priorities of those who make policies and set standards. The majority of large-scale fraud is perpetrated by the improper recognition of company revenues and is‚ in practice‚ generally simple. Revenue recognition fraud can be carried out by keeping the books open past the end of the accounting period‚ recording consignment goods as sales‚ improper bill-and-hold transactions‚ failure
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Assessing Revenue Recognition Timing Explain when each of the following business should recognize revenues: a. A clothing retailer like The Limited. Revenue recognition: Sales basis method (at the time of sale). The revenue for a retail store like The Limited should recognize their revenue when the
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oh how i love pickles‚ they are delicious and juicy and fun. when people ask me how i feel‚ when i dont have a pickle‚ they look at me and ask me if I have done something with them. I dont like people who think that pickles are no fun‚ but even still i have to ’dill’ with all the people who think that pickles are gross. other people think that pickles are yummy‚ they are my favorite people because when i eat pickles‚ i get happy because they are delicious. yum yum yum. 2 pickles in my tum tum.
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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